Term Paper on "Functions of Management the Four Dominant"

Term Paper 3 pages (1267 words) Sources: 2 Style: APA

[EXCERPT] . . . .

Functions of Management

The four dominant functions of management are planning, organizing, leading and controlling, and in the context of this paper they are applied to the operations of an oil/gas company or organization. These four essential functions of management are critical for the efficient and orderly functioning of any organization, and are even the more critical in a high process-centric business model that oil and gas companies rely on for attaining their strategic objectives.

Planning

The development of strategic plans in oil and gas organizations is directly related to the development of its core strengths and unique set of differentiated attributes as a company. For many organizations that compete in the oil and gas industries, their ability to turn supply chain processes into a competitive advantage is their most differentiated competitive advantage. The use of the Supply Chain Operations Reference (SCOR) model in the context of planning within many industries including oil and gas is an analytical construct that provides insights into how these series of processes tie into strategic planning (Razmi, Jolai, Hezarkhani, 2008). The development of strategic and tactical plans in many oil and pass companies is also built on the development of innovative new approaches to the exploration, mining or extraction, processing and selling of oil and gas-related products through distribution channels. The role of innovation in the context of the planning process is also critical for the development of long-term differentiation as well (Miles, 2007). For many oil and gas companies, strategic planning centers on the development of both existing assets and the Return on Invested Capital (ROIC) that is used as the primary measure of asset utilization. There needs to be however a balance between both existing asset utilization and the development of entirely new processes and approaches to discovering, processing, and selling oil and gas-related products. As the industry is inherently process-driven the need for managing to business process re-engineering (BPR) standards is also critical.

Organizing

The organizing function within an oil and gas company or organization needs to concentrate on both the hierarchical and structural definition of roles, responsibilities and processes that enable the many departments the organization is comprised of to attain their shared objectives. By definition the organizing function of management focuses on the structuring of both processes and working relationships to attain shared objectives and goals. The challenge many organizations have is in creating the optimal balance between structure, hierarchy and control relative to the need for agility and an organizational structure that allows for more effective use of resources to capture opportunities and growth. Organizing the many processes and functions within an organization needs to also contribute to the best possible organizational culture to ensure that objectives are attained as well. Of all functional areas of management within an oil and gas company or organization, the control aspect has to provide enough structure yet be agile enough to allow departments to work with one another toward a common objective or goal. Creating collaboration across the organization is fostered and fueled by the right balance of hierarchical organization and the adoption of agile processes and structures that enable greater collaboration as well. The concepts of chain of command, work specialization and structure, including the implicit role of authority, responsibil8ity and accountability must be kept agile if an oil and gas company is to attain its objectives in an increasingly turbulence marketplace.

Leading

Studies of change management consistently show that the ability of organizational leaders to impart a high level of process and system-level ownership to those most affected by the change is critical (Aguirre, Calderone, Jones 2004). The concept of leadership being centered on defining and executing on a clear vision for change, then backing their visions up with plans that actually lead to the goals and objectives being met are the… READ MORE

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